New Delhi: Facing imminent threat of more properties being attached by the Enforcement Directorate (ED) in the Rs 4,335 crore Punjab and Maharashtra Cooperative (PMC) Bank fraud case, the Housing Development and Infrastructure Limited (HDIL) promoters and directors have written to the probe agency, Mumbai Police and the RBI to sell the properties at fair market rates to repay the loans taken by the company.
Denying allegations of money laundering, Rakesh and Sarang Wadhawan said that they wanted to “work towards the resolution of the matter in the interest of depositors”.
In a letter dated October 16, the Wadhawans, both of whom were arrested by the ED on October 3, wrote to the ED, Ministry of Finance and Reserve Bank of India (RBI) to “immediately take steps to sell the 19 mentioned assets mentioned at the fair market value and adjust it towards the principal of the loans, which was taken by HDIL and its group companies from PMC Bank.”
“Such action for monetisation of these depreciable assets is required to protect the value of the assets to fetch a fair market value for the assets and to make available immediate liquidity to start the process of repaying loans to PMC Bank,” they said.
Giving full consent to sell the attached properties, the Wadhawans said “it was in the larger public interest that the assets are disposed off to fetch a fair market price to repay loans availed by HDIL group companies”.
“To implement the process of monetisation of assets, any approval, consent and necessary formalities required from us would be fulfilled by us and no hindrance would be created. We undertake and assure to extend full co-operation and assistance in the process,” they added.
Senior ED officials on Wednesday told IANS that the agency has identified three hotels of HDIL group in the name of the daughter and promoter of the group. Besides the hotels, the ED also traced 1,770.14 acres of land of the HDIL group in Vijaydurg area in Maharashtra’s Sindhudurg district.
The officials said that the agency has identified four flats in the name of wife and children of PMC Bank’s ex-chairman S. Waryam Singh at Jay Prakash Road and four bungalows in Mumbai’s Andheri area. The ED will attach the properties and lands of the HDIL group and the properties of the former PMC Bank chairman in the coming days under the charges of money laundering.
The ED has registered a case of money laundering against HDIL promoters in the PMC Bank fraud case taking cognisance of the FIR filed in the matter by Mumbai Police’s Economic Offences Wing (EOW). The ED last week had carried out raids at multiple locations in Mumbai
and attached several properties of the HDIL group including luxury cars, private jets, a yacht and other moveable and immovable assets of the group.
The ED has also identified properties to the tune of Rs 3,830 crore of the HDIL group and other related companies. It is alleged that HDIL, which is facing bankruptcy proceedings, and its group companies had taken huge loans from the PMC Bank.